The aftermath of Lehman Brothers’ collapse in 2008 prompted a global reevaluation of financial systems, spurring
the inception of IBSFINtech by TM Manjunath, S Sethuraman, and others. Originating as a retirement plan for former bankers, IBSFINtech aimed to address operational risks in treasury management with digital solutions.
Establishing IBSFINtech:
Founded in 2006, IBSFINtech embarked on a mission to digitize cash flow, treasury, risk, trade finance, and supply chain finance operations.
With a client base of over 380 entities, including prominent names like Vedanta Group and Mahindra & Mahindra, the company gained traction by offering end-to-end treasury solutions.
Identifying Market Potential:
Amidst a landscape where 70% of global corporations rely on spreadsheets for treasury management, IBSFINtech recognized a significant market gap.
Their core technology platform integrated ERP solutions, core banking, and financial services, providing CXOs and treasurers with enhanced control, visibility, and automation capabilities.
Client Acquisition and Growth:
Securing Bennet and Coleman Group as its first commercial client in 2013, IBSFINtech gradually expanded its clientele, including major players like Maruti Suzuki.
Despite initial challenges in convincing CFOs about the necessity of treasury management software, the company onboarded approximately 30 customers by 2017.
Overcoming Growing Pains:
Navigating through challenges such as data fragmentation, communication gaps, and the prevalence of siloed systems, IBSFINtech strategized to establish credibility in the market.
Faced with skepticism towards software solutions, particularly from proponents of Excel, the company focused on demonstrating tangible benefits to potential clients.
Utilizing Advanced Technologies:
IBSFINtech leverages Machine Learning, Robotic Process Automation, analytics, and Management Information Systems to enhance its offerings. With both on-premise and web-based SaaS TMS available,
the company caters to diverse client needs, exemplified by pioneering bank integrations for Future Group in 2017.
Revenue Models and Expansion Plans:
Operating on a licensing and annual recurring model, IBSFINtech sustains its growth trajectory. A pre-Series
A funding round in 2021 underscored investor confidence, paving the way for future expansion and a Series A round in the early FY 2023-24.
Conclusion:
IBSFINtech’s journey from a post-Lehman Brothers vision to a leading provider of digital treasury solutions epitomizes resilience and innovation.
With a steadfast commitment to addressing evolving market demands and leveraging cutting-edge technologies, the company continues to shape the landscape of financial management globally.
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